A robust entrepreneurial ecosystem is critical to driving economic growth, expanding domestic and international markets as well as reducing imports and boosting exports, said Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance (MEF) yesterday.
Addressing the first ‘Entrepreneurial Ecosystem Day 2024’ at the Diamond Island Convention & Exhibition Center in the capital, Pornmoniroth highlighted the important role of entrepreneurship in stimulating economic activity and providing many benefits to the people, such as creating jobs, increasing income, reducing migration, helping vulnerable people to have a balanced life, and promoting national economic development and social stability.
Pornmoniroth said, “Strengthening the entrepreneurial ecosystem is increasingly important and urgent in driving economic growth through developing production capabilities and standards to expand domestic and international markets to reduce imports and boost exports.”
He urged relevant ministries and institutions, the private sector, development partners, and non-governmental organizations to continue fostering close cooperation in supporting and developing entrepreneurship.
Underlining the importance of promoting new businesses and enhancing the productivity and competitiveness of micro, small, and medium enterprises (MSMEs) to drive sustainable economic growth, Pornmoniroth said, “Khmer Entrepreneurs must strive to mobilize funds from development partners and the relevant private sector, in addition to government support, to broaden the scope of entrepreneurship initiatives across all 25 capitals and provinces.”
He emphasized the need to enhance support for entrepreneurs, new businesses, and MSMEs, enabling them to become more competitive and meet higher standards.
Hem Vanndy, Minister of Industry, Science, Technology and Innovation (MISTI) and Dith Tina, Minister of Agriculture, Forestry, and Fisheries (MAFF) among others were present on the occasion.
The event was also joined by Chhieng Vanmunin, Delegate of the Royal Government in charge as CEO of Khmer Enterprise, along with many other stakeholders in the entrepreneurial ecosystem.
Earlier, Vanndy, who is also a President of the Khmer Entrepreneurs’ Council, highlighted that the Entrepreneurial Ecosystem Day 2024 aims to empower and inspire Cambodia’s new generation of entrepreneurs.
“The two-day event, with over 200 product booths, provides opportunities to build business networks, share knowledge, and showcase products and services born from the innovative and creative ideas of entrepreneurs,” he said.
Vanndy said that the Royal Government of Cambodia (RGC) led by Prime Minister Hun Manet has been actively promoting and supporting the development of the private sector, recognizing it as a key driving force and the backbone of economic growth.
The private sector is regarded as a vital partner in creating jobs, fostering creativity and innovation, enhancing product quality, and strengthening Cambodia’s competitiveness in both regional and global markets, he said.
“Therefore, the government has placed greater emphasis on fostering a conducive environment for the development of micro, small, and medium-sized enterprises (MSMEs) and new businesses.
This includes supporting their growth, enhancing their resilience to crises, and encouraging innovation to drive sustainable economic progress.”
According to Vanndy, as of 2024, Khmer Entrepreneurs have participated in the development of the entrepreneurial ecosystem, implementing 379 programs, using a budget of approximately $15 million, and attracting approximately $25 million in funding from partners.
The program directly benefits approximately 57,000 people, with around 770 individuals receiving support funds. These recipients include high school students, university students, new business owners, and MSMEs from across the country, fostering widespread entrepreneurial growth and development.
Khmer Entrepreneurs have provided approximately $3 million in support funds and attracted funds from the private sector in the form of approximately $12 million in loans and approximately $25 million in investments, Vanndy said.
